Despite declining inventory, central Ohio experienced another significant increase in home sales last month. The 3,234 homes and condominiums sold was over 19 percent higher than October of 2019.

Year to date sales are now almost three percent higher than last year according to the Columbus REALTORS® Multiple Listing Service.

Inventory, on the other hand, has declined year over year for 110 of the last 117 months. Total inventory this week was just under 2,400 homes, less than half of what was listed for sale one year ago.

Inventory (the amount of homes for sale in Columbus) has been declining for nearly 10 years. Nonetheless, the demand for these homes  continues to increase. Simply put, people want to live in Columbus!

“We have jobs, services, activities, good schools, cultural experiences and an economy that’s about as healthy as you can find, given the events of this year.” Central Ohio offers great jobs, businesses, activities, high schools and universities, cultural experiences, and a great economy. That makes Columbus a great market for your next home (see our list of homes for sale in Columbus here).

Record low mortgage interest rates continue to help buyers afford rising home prices. The average sales price of home during the month of October was $276,072, up 15.2 percent from October of 2019. The median sales price last month was $239,900 which was an increase of 17.0 percent from a year ago.

A person who purchased a typical home in the Columbus Metro Area 30 years ago would have gained about $233,668 as of the second quarter of 2020. Of the total wealth gain, 68% or $158,000 is from the price appreciation of 3.6% annually. Over a 10-year period, the wealth accumulation is $116,314, of which $90,700 or 78% are from the price appreciation.